🎒 Backpack, the wallet to rule them all!
Welcome to Pierre's Solana Adventure EDITION #3! 🚀
It all about the wallets today!
Manage coins, store NFTs, send transactions are among a few actions we can perform from our wallets like Phantom or Solflare.
But one has become my go-to wallet for anything I do on the Solana blockchain, Backpack!
In this episode, I will talk about the wallet, xNFTs, and why I love this wallet!
🎒 What is Backpack?
Backpack, the home for your xNFTs 🏡
Backpack is a new Solana wallet designed for xNFTs. Backpack is like an operating system for xNFTs, as it stores your private keys and gives you access to decentralized apps.
Like our regular smartphones with which we can access applications through an app store, Backpack is an alternative infrastructure for housing xNFTs and any dapps built in it.
The xNFT standard enables any dapp built on Solana to create an xNFT and be executed natively inside the backpack wallet. And because NFTs aren’t the only kind of crypto asset, Backpack acts as an interface for everything from your Mango Market account to your marketplace listings and price tracker.
In short, Backpack feels very similar to other Solana wallets with the basic features:
A list of your wallets and tokens in each.
Manage all your NFTs
Send/swap tokens and NFTs
The wallet is super easy to use and slick to use. Always a pleasure to check out what is going on!
But as you’ve read, Backpack is clearly not stopping there.
🙅♂️ xNFTs, chat, and what will make Backpack special
Want to learn from the team directly about what are xNFTs? Check their blog post here.
Now, xNFT stands for “executable NFT”.
xNFTs have many of the same qualities as regular non-fungible tokens, but they also have extra internal functions. An xNFT follows the NFT protocol, but it also has code inside it. This means that web3 applications and protocols can be used from within one wallet.
Traditional NFTs (non-fungible tokens) are assets created on a blockchain with unique metadata meant to differentiate one digital asset from another. Solana NFTs can be bought, sold, traded, and their ownership is governed by a smart contract that cannot be duplicated.
For example, if you want to exchange your DeGods NFT for some token or other reward, you need to first link the crypto wallet that holds that NFT to a third-party website. This will make it more secure.
In comparison, an xNFT does not need you to sign in to any outside platform to stake your asset; an xNFT enables you to utilize the asset however you want within the application itself. An xNFT accomplishes all of this with a service called Backpack.
Some very cool xNFTs have been showing up:
Foxy Send: Send NFTs in bulk to one or multiple wallets (Built by Famous Fox Federation)
Solend: Manage your borrow/lending on the protocol
Nokiamon: Access your Nokiadex (by Flag Monkez)
And many more…
Two xNFTs I’d like to see next. Raydium and Sharkfy to track farms, pools, and borrow/lend of NFTs.
🔥 Your Solana and Metamask wallet in one place
I mean… wtf!!! How awesome is that!
💬 Chat with other Backpack users
In the latest build and release from the team, it is now possible to chat with other Backpack users. Pretty cool right!
A monke 🐒 and fox 🦊 chatting!
You won’t have to get on discord or telegram to chat with your best pals anymore!
👨💻 Team
Backpack is being built by Coral, the WAO Company!
Non exhaustive list of the builders 👇
@armaniferrante, @jackshaftoes, @peterpme, @Muby_PR, @tmlntn, @hoodrichsol, @aaron_gillett, @trucy, @matt_callens, @Anastasia_twts, @ph101pp.
They are doing an amazing job of building Backpack and can only thank them for their hard work! 🙏
You will only be able to get yours with a secret invite code by participating in the discord and a few other activities.
If you enjoyed this episode, subscribe to join me on this learning journey and go read the previous episodes! 🤗